Australia is currently the world's largest producer of lithium. In 2022, Australian lithium extraction faced logistical delays and output fell slightly, despite a significant increase in international lithium prices.
Using this context, explain one likely factor that may influence the price elasticity of supply (PES) of lithium.
22 exam-style questions on Edexcel A A Level Economics 1.2.5 Elasticity of supply. Each one has a worked solution and a mark scheme showing where the marks go.